AMGEN

Amgen (AMGN) still has some slipping to do, as a company and as a stock, before I would get in. Current revenue and profit forecasts are no better than wobbly because of the uncertainty surrounding reimbursement -- which drives other forms of reimbursement -- for the off-label use of Aranesp to treat anemia in cancer victims undergoing therapy. It will take the rest of this year for investors to get a handle on how this will end up - already several state Medicare authorities (the program is administered at the state level) have said they will not reimburse for the use of Aranesp and cancer centers are cutting back on its' usage. Last week, Amgen took a hot when they suspended a trial for a cancer treatment, vectibix, as a "first line" treatment, in combination with other therapies, for colorectal cancer - and this was important because of competition from other products and a weak pipeline. The company is also slowing down hiring, for several reasons, and if they are uncertain you should be too. I might start looking around $50.